‘South Africa has about 70% of world chrome reserves. With our neighbour Zimbabwe, we've got another big chunk,’ points out Integral Asset Management’s Bruce Williamson.
SIMON BROWN: I’m chatting with Bruce Williamson of Integral Asset Management. Bruce, appreciate the time. I’ve got to say chrome. There have been some chrome miners on the JSE, but recently it had gone quiet until Pavlo Phitidis there, Tharisa Vulcan chrome plant. I was chatting with Jubilee Minerals recently. Suddenly chrome is a big story. It is in demand. China seems to be the big market and prices have been looking quite good recently.
BRUCE WILLIAMSON: Okay. In some cases it’s a by-product. Remember that there are three main chrome seams. The LG, the lower group; the middle group, the MG; and the UG, the upper group. Now the dedicated chrome miners mine the LGs and the MGs. That’s a higher grade chrome, in situ grade, and that goes into the ferrochrome business. And then the UG2, which in situ is call it 20% chrome, is too low for the chrome guys, but it has about five-odd grams per tonne of platinum.
BRUCE WILLIAMSON: Correct. It’s a bulk, so it’s got to go out. On mine, you are correct, the costs are marginal. It’s between 95% and 98% profit on the recycled UG2. But it’s got to be trucked out.
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